Instruction: Use this Chart of Accounts in Journalizing your transactions

Moonlight Lighting
Chart of Accounts

Account
No. Account Title
100 Cash
101 Account Receivable
102 Merchandise Inventory
103 Office Supplies
200 Accounts Payable
300 Capital
400 Sales
401 Sales Returns & Allowances
402 Sales Discount
500 Purchase
502 Purchase Returns & Allowances
503 Store Salary Expense
504 Office Salary Expense
507 Freight In
506 Tax Expense
General Journal
4.1 Journal Entries

Date Particulars Ref DR

2020
July 1 Merchandise Inventory 102 P 50,000.00
Cash 100 200,000.00
Capital P
To record the beginning inventory and investment of the owner
2 Purchases 500 7,500.00
Cash 100
Account Payable
To record goods purchased on cash and on account, 2/10,n/30
3 Purchases 500 10,000.00
Account Payable 200
To record goods purchased on account, 3% eom, n/30

4 Freight In 507 750.00

Cash 100
To record payment of freight

5 Cash 100 15,000.00

Sales 400
To record cash sales

7 Cash 100 4,000.00

Account Receivable 101 5,000.00
Sales 400
To record goods sold and received a downpayment with a balance payable in terms, 2/5,1/10,n/30
8 Office Supplies 103 1,500.00
Cash 100
To record the supplies purchased on cash

10 Account Payable 200 500.00

Purchase Returns and Allowances 502
To record return of goods

12 Sales Return and Allowances 401 220.00

Cash 101
To record sales returned

13 Cash 101 4,950.00

Sales Discount 402 50.00
Account Receivable 101
To record payment collected, 1/10
15 Salaries Expense- Office Clerk 504 2,500.00
Salaries Expense- Store Helper 503 3,500.00
Cash 100
To record salaries expense
17 Cash 100 14,000.00
Sales 400
To record goods sold on COD basis

18 Account Payable 200 5,000.00

Cash 100
To record the the payment on the goods purchased

19 Account Receivable 101 5,836.10

Freight Out 100
Sales 400

20 Account Payable 200 4,500.00

Cash 100
To record

25 Cash 100 1,167.22

Account Receivable 101
To record the payment collected of goods sold on account

31 Tax Expense 506 1,291.98

Cash 100
To record the payment on percentage tax
337,265.30
page 1
CR

250,000.00

2,500.00
5,000.00

10,000.00

750.00

15,000.00

9,000.00

1,500.00

500.00

220.00

5,000.00

6,000.00

14,000.00

5,000.00

500.00
5,336.10

4,500.00

1,167.22

1,291.98
337,265.30 checker
TOPIC: POSTING OF TRANSACTIONS AND THE PRELIMINARY TRIAL BALANCE (UNADJUSTED TRIAL BALANCE)

Instruction:
1. Post all the transactions of M. Lopez in their proper T-Accounts
2. Get the balances of each ledger account
3. Transfer the Balances to the Preliminary T rial Balance

ASSETS

CASH 100 ACCOUNTS RECEIVABLE 101

Date Dr Date Cr Date Dr Date Cr
01-Jul 200,000.00 02-Jul 2,500.00 07-Jul 5,000.00 03-Jul 5,000.00
05-Jul 15,000.00 04-Jul 750.00 17-Jul 14,000.00 25-Jul 1,167.22
07-Jul 4,000.00 12-Jul 220.00 19-Jul 5,836.10
13-Jul 4,950.00 15-Jul 6,000.00
25-Jul 1,167.22 18-Jul 5,000.00
19-Jul 500.00
### 4,500.00
### 1,291.98

225,117.22 20,761.98 24,836.10 6,167.22

BAL 204,355.24 BAL 18,668.88

LIABILITIES

ACCOUNTS PAYABLE 200 NOTES PAYABLE 201

Date Dr Date Cr Date Dr Date Cr
10-Jul 500.00 02-Jul 5,000.00
18-Jul 5,000.00 03-Jul 10,000.00
20-Jul 4,500.00 08-Jul 1,500.00

10,000.00 16,500.00 - -

BAL 6,500.00 BAL -

EQUITY

M,Lopez CAPITAL 300 M. Lopez,DRAWING 301

Date Dr Date Cr Date Dr Date Cr
01-Jul 250,000.00 2020

- 250,000.00 - -

BAL 250,000.00 BAL -

INCOME

SALES 400 SALES RETURNS AND ALLOWANCES 401

Date Dr Date Cr Date Dr Date Cr
05-Jul 15,000.00 12-Jul 220.00
07-Jul 9,000.00
17-Jul 14,000.00
19-Jul 5,336.10

- 43,336.10 220.00 -

BAL 43,336.10 BAL 220.00

EXPENSES

PURCHASES 500 PURCHASE DISCOUNT 501

Date Dr Date Cr Date Dr Date Cr
02-Jul 7,500.00 2020
03-Jul 10,000.00

17,500.00 - - -

BAL 17,500.00 BAL -

Checker:

Moonlight Light

Acct.
No. Account Title Debit Credit

100 Cash 204,355.24

101 Account Receivable 18,668.88
102 Merchandise Inventory 50,000.00
103 Office Supplies 1,500.00
200 Accounts Payable 6,500.00
300 Capital 250,000.00
400 Sales 43,336.10
401 Sales Returns & Allowanc 220
402 Sales Discount 50
500 Purchase 17500
502 Purchase Returns & Allowances 500.00
503 Store Salary Expense 3500
504 Office Salary Expense 2500
507 Freight In 750
506 Tax Expense 1,291.98

Totals 300,336.10 300,336.10

 MERCHANDISE INVENTORY 102 OFFICE SUPPLIES 103
Date Dr Date Cr Date Dr Date Cr
01-Jul 50,000.00 08-Jul 1,500.00

- 1,500.00 -

BAL 50,000.00 BAL 1,500.00

Date Dr Date Cr Date Dr Date Cr

- - - -

BAL - BAL -
 SALES DISCOUNT 402
Date Dr Date Cr
13-Jul 50.00

50.00 -

BAL 50.00

PURCHASE RETURNS AND ALLOWANCES 502 STORE SALARY EXPENSE 503

Date Dr Date Cr Date Dr Date Cr
10-Jul 500.00 15-Jul 3,500.00

- 500.00 3,500.00 -

BAL 500.00 BAL 3,500.00

 NOTES RECEIVABLE EQUIPMENT 140
Date Dr Date Cr Date Dr Date Cr
2020 2020

- - -

BAL - BAL -

Date Dr Date Cr

- -

BAL -
 OFFICE SALARY EXPENSE 504 OFFICE SUPPLIES EXPENSE 505
Date Dr Date Cr Date Dr Date Cr
15-Jul 2,500.00 2020

2,500.00 - - -

BAL 2,500.00 BAL -

 Date Dr Date Cr
2020

- -

BAL -
 TAX EXPENSE 506 FREIGHT IN 507
Date Dr Date Cr Date Dr Date Cr
31-Jul 1,291.98 04-Jul 750.00

1,291.98 - 750.00 -

BAL 1,291.98 BAL 750.00

 Moonlight Lighting
Trial Balance
For the month of July , 2020

Account
No. Account Title DR CR
100 Cash 204,355.24
101 Account Receivable P 18,668.88
102 Merchandise Inventory 50,000.00
103 Office Supplies 1,500.00
200 Accounts Payable 6,500.00
300 Capital 250,000.00
400 Sales P 43,336.10
401 Sales Returns & Allowances 220.00
402 Sales Discount 50.00
500 Purchase 17,500.00
502 Purchase Returns & Allowances 500.00
503 Store Salary Expense 3,500.00
504 Office Salary Expense 2,500.00
507 Freight In 750.00
506 Tax Expense 1,291.98

Totals 300,336.10 300,336.10

3.1 Moon Lighting
Statement of Financial Performance
For the Year ended December 31, 2020

Sales Revenue
Sales P
Less: Sales Returns & Allowances
Less: Sales Discount
Net Sales
Cost of goods sold
Inventory, July 1 50,000.00
Purchases 17,500.00
Less: Purchase Returns & Allowances 500.00
Net Purchase 17,000.00
Add: Freight in 750.00
Cost of goods purchased 17,750
Cost of goods available for sale 67,750
Less: Inventory, July 31 39,444
Cost of goods sold
Gross Profit
Operating Expenses
Selling Expenses
Store Salaries 3,500.00
Total Operating Expense 3,500.00
Administrative Expense
Office Salaries 2,500.00
Total Administrative Expenses 2,500.00
Total Operating Expenses
Other Expenses:
Output Tax
Net Income
43,336.00
220.00
90.00
43,026.00

28,306.00
14,720.00

6,000.00

1,290.78
7,429.22